Credit Card Types

Credit Card Types

There is an exhaustive range of credit cards to choose from these days. Offered by some of the top financial institutions and flaunting a list of amazing benefits, these credit cards have indeed made it a herculean task to select the ideal card for oneself. To do away with the confusion, the first thing to do is be aware of the types of credit cards that you can choose from.

Credit Card Type List

Here is a list of the different types of credit cards you can find in the marketplace-

1. Airline credit card
2. Travel credit card
3. Business/ Corporate credit card
4. Shopping credit cards
5. Fuel credit cards
6. Reward credit card
7. Secured credit card
8. Student Credit Card
9. CA Credit Card

Different Types of Credit Cards- Features and Benefits

To help you select the right credit card, let us take a look at the features of the various types of credit cards-

Airline credit cards

Airline credit cards are specially designed for people who travel via flights. These credit cards usually come with complimentary lounge access and let you earn bonus points on flight tickets, cashback, reward points, discounts/lower exchange rates on forex when transacting abroad, hotel booking discounts, extra air miles when you travel on partner airlines, and other perks.

Popular credit cards-

• 6E Rewards-IndiGo HDFC Bank

• 6E Rewards XL-IndiGo HDFC Bank

• Citibank PremierMiles credit card

Travel credit cards

Apart from offering the advantage of flight bookings and complimentary airport access, travel credit cards also help you save and enjoy benefits on a range of other expenses that are associated with travel. This includes discounts on all bus and rail ticket bookings, outstation cab bookings, hotel bookings, and more. It also lets you earn reward points that can be converted into air miles or redeemed as discounts in the future.

Popular credit cards-

• IRCTC RuPay Card

• RBL Travel Easy SuperCard

Business credit cards

These credit cards are specially designed for business establishments and are offered to employees for the tenure of their employment with the company. Such credit cards only allow business transactions and no personal transactions on them. This makes it easier for employers to manage the finances on the card. Employees can use business credit cards to pay for hotel stays, avail airport lounge access, enjoy special business savings plans, rewards programs, fuel surcharge waivers and more.

Popular credit cards-

• HDFC Business MoneyBack Credit Card

• HDFC Business Regalia Credit Card

Shopping credit cards

These credit cards, as the name suggests, are designed for avid shoppers and can be used for shopping both online and offline. You can earn cashback, discounts and other privileges on the card when you use them for purchases.

Popular credit cards:

• RBL Bank Shop Smart SuperCard

• Axis Bank MY ZONE

• RBL Value Plus SuperCard

• HDFC Regalia Credit Card

• HDFC Millennia Credit Card

Fuel credit cards

A fuel credit card is ideal for fuel purchases and helps you earn reward points and cashback offers against fuel purchases at partner outlets. Accumulated rewards can then be redeemed for refuelling. You can also enjoy fuel surcharge waivers on some specific cards which allows you to save more.

Popular Credit Cards-

• IndianOil Citibank Credit Card

• BPCL SBI Card

• IndianOil Axis Bank Credit Card

• IndianOil HDFC Bank Credit Card

Reward credit cards

Reward credit cards offer multiple rewards against purchases. This could include bonus points on card renewal, points against online and retail transactions, rewards on special occasions, etc. You can also earn accelerated reward points and bonuses when you spend a specific sum of money on the card, within a set period of time. These bonus points can be later redeemed in the form of discounts on merchandise, air miles, cashback deals, etc.

Popular Credit Card-

• Citibank Rewards Credit Card

Secured credit cards

This type of credit card can be availed against a fixed deposit (Credit card against Fixed deposit). It helps you enjoy attractive interest rates against the balance on your card. The card is ideal for people who do not have a credit history or are looking to improve their credit score. Using a secured credit card properly can aid in building a positive credit history as well as improve your creditworthiness for borrowing funds in the future.

Student credit cards

A student credit card is a special credit card that can be availed by students at the college level or at the university level, who for the lack of good credit history, cannot get their hands on a standard credit card. The credit limit as well as the interest charges on the card are designed keeping in mind the limited expenses of a student. This makes maintaining such a credit card affordable. Apart from offering easy access to money when you need it, such a credit card also helps in building your credit score and creditworthiness over time.

Before you apply for a credit card, it is important to ensure that it is suited to your lifestyle. Compare the various options available, taking into account all the important parameters such as credit card limit, cash advance limit, interest rate, fees and charges and the unique benefits, so that you can make a fully informed decision and get the right credit card, which is matched to your unique needs.